Jan Happel and Yann Allemannthe co-founders of on-chain analytics platform Glassnode recently suggested as much Solana (SOL) could make a significant move up in its Ethereum pair. They alluded to the likelihood of Ethereum rising higher as another reason why SOL is likely to ‘rise’.
Solana will make a 90% move against Ethereum
Happel and Allemann, through their shared X account (@Negentropic), highlighted a “distinct cup and handle pattern” on the SOLETH chart, suggesting Solana 90% will increase from current price levels. They also noted that the SOLETH ratio has been consolidating for a while and appears poised for such a move upward.
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Meanwhile, they also predict that SOL will rise because they expect it to Ethereum “to rise much higher.” Therefore, a rally for the second-largest crypto token could also mark an important step for Solana. Interestingly, this move seems to already be in play, as SOL enjoyed a price gain of up to 7% thanks to the The rise in the price of Ethereum in the last 24 hours.
Therefore, Solana could move higher as ETH continues to enjoy an uptrend following reports that the Securities and Exchange Commission (SEC) could approve current affairs Discover Ethereum ETF applications. A 90% move for Solana means the crypto token could move close to its current all-time high (ATH) of $260.
Crypto analyst Javon Marks had for now predicted that SOL could make such a move, noting that a 54% share price gain may already be in the pipeline. He further claimed that Solana achieving this price move would open room for another 93% price increase, pushing SOL’s price to $453.
How high can SOL rise during this bull run?
Crypto analyst Altcoin Sherpa has predicted that Solana could rise to $500 by the end of the year, while crypto analyst Hansolar predicts that Solana could reach $600 in this market cycle. Crypto YouTuber Jake Gagain offered a more bullish forecast, stating that Solana will rise to $750, although he predicts this will happen next year.
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Interestingly enough, Hansolar claimed that SOL could be the new Ethereum of this cycle. ETH is known to have been one of the biggest winners during the last bull run, with its price more than tripling en route to its current ATH of $4,891. The rise of Ethereum at the time was due to the decentralized finance (DeFi) utility, with many DeFi projects utilizing the network.
Asset manager Franklin Templeton suggested that Solana will come on board the projects that will drive the next wave of crypto adoption. Therefore, Solana could undoubtedly enjoy the kind of run that Ethereum did in 2021. This explains why the asset manager is optimistic about SOL’s growth, as they predict it will eventually become the third largest crypto token after Bitcoin and ether.
Featured image from Quora, chart from Tradingview.com